[Articles] Surge in campus accommodation

Victor

I find it odd to think that many investors are taking a hit in this, it is one set of investors replacing another, most will have bought property cheap anyway.

http://home.eircom.net/content/unison/national/6337535?view=Eircomnet

Investors hit by surge in campus accommodation
From:The Irish Independent
Monday, 19th September, 2005

Looking for a pad . . . the annual hunt begins

OVERSUPPLY of accommodation for students at the fastest-growing university is forcing investors to drop rent by almost 30pc, it has emerged.

An ever-improving supply of University of Limerick's on-campus accommodation, means cost of renting rooms in houses in nearby estates decreasing from an average of €70 to €50 per week.

There are also reports that house prices, too, are dropping, with a number of properties selling recently for what they would have made four years ago.

UL's own on-campus accommodation is completely booked out, with all four student villages, comprising 2,000 bedrooms, set for maximum occupancy this year.

Rates for campus accommodation range from €75 inclusive of bills in an 8-bedroom house to €105 for a 6-bedroom apartment ensuite. This includes energy, TV, waste and maintenance.

In the last four years, an additional 1,000 beds have been developed on-campus at the college in the Dromroe Village and Thomond Village complexes.

Meanwhile, in Galway, the annual accommodation crisis which has left students and their parents in near-despair over the last couple of decades appears to have abated.

In Galway, the third-level student population of more than 15,000 is made up of about 8,000 from outside the city who require accommodation for the duration of the academic year. But developments have brought about a massive increase in the availability of rented properties in all parts of the city.

Accommodation Secretary with the Galway-Mayo Institute of Technology, Deirdre Ni Cheallaigh reported good availability of student accommodation.

The rate for a room in a student village is €72.50 per week. If sharing, the cost can drop to €50. Cooking facilities are provided, but students have to pay for electricity and heat.

Both University College Cork and Cork Institute of Technology officials acknowledged a dramatic increase in the availability and quality of student accommodation on Leeside.

College officials point to the success of tax incentive schemes to encourage the provision - and the numbers of people looking for secure medium to long-term investments who availed of such schemes.

Eugene Hogan, Brian McDonald and Ralph Reigel